Released December 02, 2010 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Belgium's first offshore windfarm, Thornton Bank, has secured funding of 900 million euros ($1.18 billion) for the installation of turbines with an aggregate generating capacity of 295 megawatts (MW) over the next three years.
The European Investment Bank and a consortium of seven commercial banks are providing the funding, which amounts to approximately 1.3 billion euros ($1.7 billion), including the refinancing of the first phase of the project. The Thornton Bank windfarm, which will have a total generating capacity of 325 MW, lies off the coast of Zeebrugge and will use turbines built by REpower Systems AG (ETR:RPW) (Hamburg, Germany). When completed, it will generate enough power for 600,000 people and offset 450,000 tons of carbon emissions per year. The project is being overseen by Belgian offshore project development company C-Power (Zwijndrecht, Belgium) and will contribute 10% of Belgium's renewable energy target.
As part of phases II and III, REpower will deliver 48 of the company's 6M model turbines, amounting to approximately 295 MW of generating capacity. In spring 2012, 24 turbines will be installed in Phase II, and the remaining 24 will be installed by mid-2013 in Phase III. The first six turbines were installed in 2008. Last year, RWE Innogy (Essen, Germany) bought its way into the Belgian wind power market by securing a major stake in C-Power. For additional information, see related article from May 8, 2009 - RWE Innogy Buys into Belgian Wind Power Market.
The first six turbines, RePower's 5M model, are rated at 5 MW each and were installed in 2008. The turbines are about 28 kilometres off the Belgian coast, in waters between 12 and 27 meters deep. They went into operation in June 2009 and in the first half-year of operation achieved a technical availability rate of 94%, rising to 97% in the second half. The new phases will involve the installation of infield cables, a second 150-kilovolt export cable and the construction of an offshore high-voltage substation.
"This financial close is a demonstration of the trust that shareholders, contracting parties and the finance community are giving on a well-structured project, setting a good reference for the many more offshore windfarms to be financed in the near future," claimed Filip Martens, CEO of C-Power.
Professor Fritz Vahrenholt, chairman of the board of directors for RWE Innogy, said: "We have already gathered a lot of positive experience from the first phase at Thornton Bank. The first six of the 5-MW turbines installed there boast an availability of approximately 97%. That's a fantastic result and makes us confident of achieving the transition from a pilot location to a large-scale commercial operation with expansion phases II and III."
IIR's Renewable Energy Database provides extensive coverage on the wind energy, geothermal, hydroelectric, landfill gas-to-energy and utility-scale solar power plants throughout North America, and is now expanding coverage across the world.
View Plant Profile - 1070367
View Project Report - 79200107
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The European Investment Bank and a consortium of seven commercial banks are providing the funding, which amounts to approximately 1.3 billion euros ($1.7 billion), including the refinancing of the first phase of the project. The Thornton Bank windfarm, which will have a total generating capacity of 325 MW, lies off the coast of Zeebrugge and will use turbines built by REpower Systems AG (ETR:RPW) (Hamburg, Germany). When completed, it will generate enough power for 600,000 people and offset 450,000 tons of carbon emissions per year. The project is being overseen by Belgian offshore project development company C-Power (Zwijndrecht, Belgium) and will contribute 10% of Belgium's renewable energy target.
As part of phases II and III, REpower will deliver 48 of the company's 6M model turbines, amounting to approximately 295 MW of generating capacity. In spring 2012, 24 turbines will be installed in Phase II, and the remaining 24 will be installed by mid-2013 in Phase III. The first six turbines were installed in 2008. Last year, RWE Innogy (Essen, Germany) bought its way into the Belgian wind power market by securing a major stake in C-Power. For additional information, see related article from May 8, 2009 - RWE Innogy Buys into Belgian Wind Power Market.
The first six turbines, RePower's 5M model, are rated at 5 MW each and were installed in 2008. The turbines are about 28 kilometres off the Belgian coast, in waters between 12 and 27 meters deep. They went into operation in June 2009 and in the first half-year of operation achieved a technical availability rate of 94%, rising to 97% in the second half. The new phases will involve the installation of infield cables, a second 150-kilovolt export cable and the construction of an offshore high-voltage substation.
"This financial close is a demonstration of the trust that shareholders, contracting parties and the finance community are giving on a well-structured project, setting a good reference for the many more offshore windfarms to be financed in the near future," claimed Filip Martens, CEO of C-Power.
Professor Fritz Vahrenholt, chairman of the board of directors for RWE Innogy, said: "We have already gathered a lot of positive experience from the first phase at Thornton Bank. The first six of the 5-MW turbines installed there boast an availability of approximately 97%. That's a fantastic result and makes us confident of achieving the transition from a pilot location to a large-scale commercial operation with expansion phases II and III."
IIR's Renewable Energy Database provides extensive coverage on the wind energy, geothermal, hydroelectric, landfill gas-to-energy and utility-scale solar power plants throughout North America, and is now expanding coverage across the world.
View Plant Profile - 1070367
View Project Report - 79200107
Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
